why you should care only. france is targeting at the last remaining militant strongholds in the north of mali that says civilians in cities liberated by the french led military coalition report widespread council to. lead the u.s. and geo claims in more than fifty countries were involved in america's notorious extraordinary extraordinary rendition program some going as far as hosting cia black sites for enhanced interrogation of terror suspects led president ahmadinejad flies into egypt in what is the first trip of its kind by an iranian leader in thirty years because it is seen as an attempt to improve ties between the two regional heavyweights amid rising tensions with israel. brings you up to date

for now i'll be back with latest headlines in less than an hour but up next the latest from the front line of what they call a financial war max and stacey are here with the kaiser report. welcome to the kaiser report i'm max kaiser tucker frog called the horror frog oh break it's bones to make laws out of them and use them as defensive weapons a type of banker called the horror banker similarly breaks the markets in order to defend itself from the risk of actually competing in the markets there's also a central banker called the horror banker who rips the arms off its currency in order to defend itself from deflation. creature is this ben harro for bernie. mac's. this central banking fee for

a frog ben bernanke he and a real horror banker have been captured in the wild by the bonsai institute and here this is the lloyd horror frog blankfein and this is horror frog ben bernanke. though. yes i saw that fact on twitter by fax that this horror frog exists and i thought it was a good analogy for the global financial markets and central banking monetary policy is there literally ripping their limbs off an order to defend themselves even if what they're defending themselves from is kind of fictional you know well it's the currency war isn't there it's a race to the bottom they're all trying to deep bass simultaneously it's a suicide banker you have suicide bombers and we have to some bankers and they

basically have cut from the same horror cloth so here's the headline regarding this horror frog ben bernanke bernanke you seen buying one point one four trillion in assets and twenty fourteen federal reserve chairman ben s. bernanke these latest round of bond buying will reach one point one four trillion dollars before he ends the program in the first quarter of two thousand and fourteen according to median estimates in a bloomberg survey of economists well he thinks she's fighting deflation and he thinks she's really neutralizing any impact of inflation but as we know people are watering down milk portions procter and gamble go to the store a little so patters they're smaller the coca-cola is smaller but the same price here in the u.k. they're serving horse meat the sort of beef in their burgers that's inflation but they don't recognize it as such they they're so sound of one hand clapping it's a one. football see when hank laughing doesn't make any noise.

well let's look at this chart here this is the fed's balance sheet from two thousand and eight you see the horror frog moment you see when ben bernanke rips the leg off of the u.s. financial markets and currency system because in the first round of purchases begun in two thousand and eight the fed bought one point four trillion dollars of housing debt and three hundred billion of treasuries and the second round beginning in november twenty ten the fed but six hundred billion dollars of treasuries in the current round the fed's total purchases will be split between six hundred billion dollars of mortgage backed securities and five hundred forty billion dollars of treasuries according to the median estimates of congress in the survey and g.d.p. in america is down just like g.d.p. all around the world is down real g.d.p. adjusted for ben bernanke you ripping off his prosthetic limbs of fake mortgage backed securities and beating the stuff on the head with it is negative around the world we're living in

a just don't know global fraud perpetrated by bernanke so hard up there is the art of dark. nothing but. in the amazing thing is that house prices the total stock of housing has fallen by four trillion dollars in value in the united states since the crisis began so he's bought one point four trillion in the first round and now he's buying six hundred billion of mortgage backed securities so he's bailing out somebody is clearly not the homeowner now the bad thing about all of these fed asset purchases these mortgage backed securities he's buying forty billion dollars a month of mortgage backed bonds and forty five billion dollars a month to treasuries. according to the economists surveyed by bloomberg said asset purchases will probably do little to help reduce seven point eight percent unemployment economists said with. fifty seven percent of them predicting the

program won't help boost the number of jobs created this year so it's doing nothing again for the real economy it's only wealth transferring money from pensioners and savers and it's bailing out the horror frogs who of the banking system who have ripped off all of the legs and arms and fingers and toes of the global financial systems that that's why they're broken because there are no limits to our financial system ok let's examine something at the point of this central bank bank incestuous relationship of buying toxic assets and talking about how this is going to improve employment and how this is going to improve g.d.p. it's a massive subsidy for the criminal that are running wall street is no question about their criminal activity we've had testimony now from dozens of regulators and people in the industry well so blowers are committing massive fraud if the goal is to increase g.d.p. i'll say something that'll make the comment section below explode ok if you want to

improve g.d.p. a raise minimum wage ok just raise minimum wage a matter of fact double minimum wage g.d.p. will go up the bank stars will continue to commit fraud that problem is with us apparently forever and other than all things being equal you all have their people being all food stamps. which are just the same equivalency of bailing out banks except that the people on food stamps don't get the same amount of free money from the government that j.p. morgan gets in that free money from the government i say just raise the minimum wage well most people out there and most governments do accept the notion of a minimum bonus they all agree that because this they i don't know i guess they like lloyd. blankfein they think that these horror frogs deserve the money so however speaking of horror frogs let's move on to france france totally bankrupt

says labor minister michel sat down france's labor minister sent the country into a state of shock on monday after he described the nation as totally bankrupt and this is covered of course now he said the state is banker out as a normal this is what happens when we can it's impossible sit in pa see him in france to help anybody this is a common refrain anyway but it sent everybody into a frenzy apparently the french population was shocked to have to be told this but but then the finance minister responded and said france is a really solvent country france is a really credible country france is a country that is starting to recover but he's the salvador dali or my great of economic policy makers basically he's saying soon they beep. you know he's saying that yes the economy is bankrupt but it doesn't much care why they're

concerned with whether the economy is bankrupt or not bankrupt it's not about having an accounting of the economy with inputs and outputs and a g.d.p. that's were tied to manufacturing or labor it's an economy based on transactional ism it's an economy based on financial fraud as long as the fraud keeps going then you know the economy will exist in this existential. nightmare called global financial ization a little but to suddenly say that the economy is broke as if that means anything so is the same thing for every economy in europe or economy in the world because there are six hundred trillion in derivatives the total total global g.d.p. is sixty trillion there's ten times more debt just a nominal basis if you add in the flow derivatives there's twenty times more debt than there is actual g.d.p. there is no economy there there's no collateral there is just flow it's just flow it's frozen flow got during the fraud it's from float trip left after the f.

to the q it's f q it's f u q. it's fraud low fi that's all there is to it that's what they generate to generate their salary bonuses that's all or is well this finance minister after saying that they're a credible country they're a solvent country they're a recovering country it's all fine he then went on to say what he meant was that the state's financial situation was worrying in two thousand and seven it's more worrying now because we've accumulated six hundred billion euros more in debt well the government has no intention of paying any of that debt that people who are workers who are not satisfied with their wages should understand that the government is taking an adversarial position against them so either they get off their butts and go and do something about it or they're going to be arguing with the surrealists in the bank of france and around the world about what is flow and what is fraud and what is a fee and what is my wage well the bank of france workers are on strike but speaking of you know throwing your arms and legs and pulling them off in order to

defend yourself in response to this six hundred billion euro is more in debt the french finance minister should look to what is happening in dijon because dijon has ripped off its arm its leg right now in the terms of selling off its. seed corn in its wine bottles the national post says the grief state of the french economy was further highlighted after the eastern city of was forced to read its wine cellar to try and plug the gap in its budget so max they auctioned off three thousand five hundred bottles of wine to pay for social services you know those wine bottles went to the city of london where the central bankers and bankers of barclays and r.b.s. and lloyds are drunk dead drunk on the street you're naming on themselves laughing because they've got these stupid french people to sell the assets to pay for their fraud of course so the debt ok they're not going to admit that there is such a thing as a debt but they'll take all of your wages and all of your land and all of your

assets there's a too tall so what are the people going to do all that's right they're going to sniff bath salts and watch porn all day finally e.s.r. no on images poverty and squalor that's the google translation of the greek headline that apparently the national broadcasting council has banned the broadcasting of images of poverty or squalor in greece without the express permission of those being photographed obviously we're going to also see the same thing with tourist photos because france has tourism lots of tourism to france is their biggest industry so no photos of french people not able to drink wine because we've had to sell it all off to the london bankers in order to keep our social services afloat well this is an extension of the american policy under obama not to photograph the dead soldiers coming back from iraq and afghanistan as if they don't exist so in a bowl and dead soldier we had no photo so you did these a lot of it is spinning close to the british and for goldman sachs and so now you

can't photograph poverty therefore it doesn't exist it's surrealism come to economics as i knew it would as i predicted that's why gold and silver by the way continue to make new highs against everything i can see the world thinks you're a bank so much big. because the report. states then for the second half we'll be speaking to simon rose of save our frickin savers. live. longer represents the. people we're going to take such as. we. live. the way our the currently

live. live. live. live live mission. critical three. four three. three. three. three. old fleabag live video for your media project free media.

live. are you really. are you one hundred percent. sure if you. are on this. welcome back to the kaiser report i max kaiser time out of turn to simon rose of save our savior simon rose welcome back thank you max all right now you were over at parliament we see the building my bias and you were testifying on the impact of quantitative easing you said it was a monumental mistake please elaborate yes well the treasury select committee

decided last year that it might be worth looking into whether quantitative easing had been as wonderful as the bank of england claimed there was some thought that possibly not everybody had benefit from benefited from it so they asked the bank to produce some document about how it affected everybody in the bank effectively came back and said well it's really surprises on this particular asset prices of the wealthiest five percent in the country if you actually look at the numbers of course. i guess we we found that seventy two percent of all the u.k.'s net financial assets and and pension fund wealth is held by the wealthiest twenty percent of people well the bank claims this has been a pretty fantastic for everybody ignoring what's happened to the majority of the people who are in the eighty percent were lost out so they've just to talk about which most of you said if we're not in courses of easing the world would have ended that have been dragons and sky fishes would have opened up in the we have all gone to hell the quantity of mean easing is basically an industrial policy cooked up by

the government to help a few bankers it has no application for the real economy and just to give some some look at the numbers here and i noticed the bank of england stuff put out a report saying that sure lowering interest rates to save seventy billion in mortgage cost another interest. let it cost but the impact on savers if you include the loss to pension accounts as you just mentioned plus if you add the amount of money that corporations have had to move out of their working capital into their pensions which are now fall falling area ok if you put those two numbers together which was covered in the economist magazine also you end up with one hundred forty billion pounds so for every pound they save on interest i lose two pounds from the real economy now kind of more excuse me well kind of morons don't know how to add or subtract with this all that as a part of that are that's well this is rather treasury select committees are going to and i have to say they are relatively sympathetic toward savers it's nice that

somebody is at least bringing this the public is very sympathetic towards a first away jimmy savile's sympathetic tilt children well because it may well end up being the way the un is sympathetic towards people being massacred but it's either adopt she will do the other thing in the report of course they say will save us a lot about seventy billion because they're getting less in interest rates they ignore the fact that cost of easing is an inflationary policy and as a result saves across not massively because of the cost of the process of going up obviously because everybody loses out to an inflationary policy when wages are not actually rising anything like as much as inflation is but don't worry the top five percent of the people they are getting much much wealthier through which work the bond market of course is now starting to come unglued the economy is down or one one quarter of what will soon be two quarter's of a triple dip recession so it didn't even help the economy cause a bond bubble what's bursting the economy is sinking and savers are being penalized now there's an interesting study of course they said if they just let interest rates remain at five percent and let banks take the head like iceland did you know

iceland are made of men they're not made of parliamentary blisses you've got a policy that's ended up bankrupting the company and the country and there's absolutely no policy going forward to rectify the situation. it's a policy of pain relief it's like giving a terminally ill patient morphine and saying well they're not complaining about the pain anymore so they must be getting better they haven't actually put anything right that was wrong five years ago nothing they do blame the so-called neuters there is a big conversation happening in the u.k. about all the neuter's living on the dole but isn't much of the city actively really form a living off. it's an interesting concept i hadn't thought about not just rather more expensive moochers i think it is not true that there there are moochers they're living on the dole they're being given money they want to want to save face i mean this is it is a is you know it's your disability payment what they're claiming it's not printing money but the fact to be that's exactly what it is three hundred seventy five billion pounds of new money if there's not already it's interest if i stay out of

billions of pounds i didn't that came from the central bank it hasn't made the economy any wealthier so are some of these people are getting much much richer only be because the rest of us are getting much poorer now it's actually because the one reason they claim it's not printing money is because they can reverse it you can imagine can you the bank of england actually sitting on a third of the stock if u.k. gilts one did are going to say well we're going to try something that now what on earth is going to happen to get prices right there are only starting to fall and there are starting to credit rating of course for the u.k. set to be downgraded again of going from negative watch to doubt right negative and you lose loss of the aaa rating and you have this of course of europe now which it could be a potential buyer of these bonds are splitting from continental europe so who would be the buyer of these bonds it will come to the point where the government by edict forces pension funds that are in let's say portfolios of things other than government bonds that they'll just put a gun to their head and said you have to buy these government bonds which you know we're in we're in financial repression really of some sort but it hasn't become

incredibly severe unless they recognize their mistakes which quite clearly they are not going to do all they can do is get more repressive i hate to think what is going to happen but they're showing almost no sign you know there's a little chink here all that mervyn king is about to retire and go off and dig is a lot of the rest of his days and he is now saying some moderately sensible things but not at any stage by admitting that he was responsible he's out there don't believe it so he says what he said in the economic club and you know what is there you are british like a baby see i wander out the door they say oh the b.b.c. don't always horrible things but i say yeah they never do anything while they're actually in office unfortunately that is true but he says we need to raise our national saving ratio but. what sees through the right thing to do in the short term to maintain support for i grew good to mung is absolutely office and what we know we need to do in the long to in other words what we're doing is really about from the economy what we feel it's the best thing to do in the short term the five years is short term so for how long is the short term going to last well what about the scientist emulating aggregate demand internet economy that doesn't generate any

supply in other words an economy is demand supply supply being the stuff you manufacture export the u.k. if you take out the has been in negative export of manufactured goods for something like twelve or thirteen years with one very small bubble recently in terms of cars but the services industry which is financial fraud that they export take that out they're not exporting really anything export except bombs when they go invade people so it's all supply so they say go to stimulate demand demand to buy stuff this manufactured elsewhere it's completely the absence of a clear view of the economy they want to stimulate china's economy that's what they're doing they're stealing china's economy why don't apply for the role of governor of the bank of england well well why would they that's theory you see i mean it's a parliament it's must be democratic but yet they're working for chinese people they're working for asian people to stimulate demand of their products without in a blue rating the manufacturing wages for supply driven and economic manufacturing

health in this country that's thai radical that's not just irresponsible and well why would they do it because they get bribe money because they're wealthy they get fat on it because they're crooks and as was said by one of the m.p.'s at the treasury could be at least you know we've got lower interest rates that holds growth which i have to challenge and of course we we've not suffered a massive increase in unemployment well you know no but off productivity is going down all the time this is right as i don't be economy but it's in fact it's a zombie economy it's even having trouble walking towards you a pace it's lying down no i saw the prime minister question time david cameron's up there he. pounding the table will increase jobs or increase jobs even mention that wages are falling precipitous likely that these are part time jobs these are not not not jobs benefits attach these are does or does or mcdonald's is hiring twenty five hundred people there is ok but there are even if if it donald hired five

hundred thousand new employees they would not generate enough tax revenue to bring the u.k. economy out of its current deficit you know so those jobs will never bring a can the economy out of deficit doesn't love or work and never generates taxable income to take about it out of the deficit of it and they don't seem to want to some other the importance of saving social thing i had to explain you know it's all very well having they could really just over there it was like we're supposed to spend some of the old cards lords and they just sit on the side i quite like the treasury select committee they're the only people we've got in this country who are actually challenge when i'm due to reruns it relates to sort is the chairman of the treasury select latino m.p. somewhere he is an m.p. where you have to be an m.p. to be on the committee who weren't so worse is going to talk about where his constituency is but he's i think he's a good ag and most of them are trying to hold the bank of england to account now i don't know what they'll be able to do in the end but surely it's better for them actually to oversee because it is easy and to try and turn over the rock and have a look underneath than just to ignore it but they were just like another one of these committees like the levinson committee here this committee or that committee

they just it's a talk fast to gen-y. a do nothing status quo perpetuates in their defense let us wait and see it's going to go on for a while so you know you're probably going to be right but i would actually like to see that you know you do it in a world of be they was so swayed by my argument that if you actually undermine savings you undermine the whole economy because your d. capitalizing it then had gone like that even thought you know i'm guy simon rose is absolutely right i'm going to change my view we're going to. tell mark carney i'm sorry but you've got to stick to inflation it's in the bank of england act two percent stick to it stop letting it run out of control and they have to listen ok so it may be that pigs may fly what is markets coming in there's talk of adopting what's called nominal g.d.p. growth getting away from inflation targeting is a part can you summarize what that sounds to me as if they're just making another excuse to print more money i'm sure that's exactly what it is but that but like as with quantitative easing what they're going to do is cloak it in nice name that

nobody really understands so nobody appreciates what happened until it's too late and the inflation catches on the bottle ok now let's talk about other fraud here i think you've been covering also interest rate bursts wap scam there isn't an argument that can be made from our creditor bank of england creates this point the more fraud is committed by those receiving that credit in other words ok they are releasing more money into the system they've got quantitative easing interest rates are cheap but then that is being packaged as interest rates which is the banks it's not really my bear witness essentially they were setting relatively simple businesspeople incredibly calm complicated interest rates it would interest rates one eye or doesn't it neutralize the ability of peddling this type of fraud. i don't even understand the one of to know all i know is that what happened was interest rates went down people tried to get out of it and of course there was this massive penalty clause in the small print so you could actually pay a fortune to unwind the position that you should have been sold in the first place are you from my experience that of race one up you're arguing to save the savers so

i'm in rosa's to saving the savers if interest rates went up this type of fraud would be obliterated because a this is the way they make an arbitrage between the rates between the central bank and the investment banks and they create these scams and then they loaded up on the balance sheets of these four companies and they and they did jimmy savile all right so finally yet so yet more misselling by the banks yet more fines are going to be imposed on the banks who ends up paying in the end it's not the bankers yes you and me it is actually there not us any it's just it's just ludicrous are not. r.b.s. is any two percent owned by the public because after the big scandal they got involved in the library mass which is now they're going to be eight hundred million dollars in penalties so i mean if the u.s. taxpayer that owns a bank are going to pay off a scandal that happened after they was discovered that they were already involved in other scales going back to two thousand and eight one of the or the savers doing about this what are the people doing about this so there's nothing you can do about

the banks it doesn't mean there was no matter what happens they were going to come out smelling roses when when was the last time a banker actually except in iceland you mentioned before paid a penalty for anything but i got a great idea let's bring back the stocks i'm doing keeps talking about wanting to restore confidence i would feel confident some of these people actually got put in the stocks and we go make fun of them and here's a way to boost the economy we had a terrible summer last year farmers can sell rotten fruit and vegetable well that's a great source of demand for rotten fruit and vegetable i think that would be very good people will pay a fortune if they can actually start flinging rotten fruit and vege so people who got us into this mess named it's a new definition for stocks and bonds. i'm what their body right but i'm up there and just tell them what rotten tomatoes but. i wouldn't be able to it would really cheered me up mentally they would probably enjoy their own good estimate anyway they're all kinky little find a way to make money out of it fair enough all right so i was like so much for being on the kaiser report. ok not going to do it for this edition of the kaiser report

with me max kaiser and stacy herbert and i would like my guess simon rose saying are saying first if you'd like to contact us place tweet us at kaiser report or at facebook dot com forward slash kaiser report until next time x. guys are saying by oh. speak your language. programs in documentaries in arabic in school here. reporting from the world talks of your peace interview intriguing story for you. to find out because it. couldn't take three. or three.